Section 2 of POB Act, 1965 : Section 2: Definitions

POB Act, 1965

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Explanation using Example

Imagine a software company, "Tech Innovations Ltd.", that has its accounting year from April 1st to March 31st. At the end of the year, the company calculates its profits and finds that it has an available surplus after paying taxes and other statutory dues. According to the Payment of Bonus Act, 1965, "Tech Innovations Ltd." is required to share a portion of this surplus with its employees as a bonus.

The term "accounting year" as defined in the Act allows "Tech Innovations Ltd." to consider its financial year (April 1st to March 31st) for the purpose of bonus calculation. The company's employees, who are earning a monthly...

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